Hertz Shares Plummet 46% on Report of Imminent Bankruptcy
Shares of Hertz Global Holdings (NYSE: HTZ) plunged over 46% in after-hours trading, following The Wall Street Journal's report that the company is preparing to declare bankruptcy as soon as Friday night.
It's been well documented that Hertz was struggling financially after it missed a collateral payment in April. Management bought the company time as it reached a deal with its largest lenders to give it until tonight to develop a strategy that accurately reflected the negative impacts from COVID-19. That answer seems to be what many have feared: bankruptcy.
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Source Fool.com
